Arsenal chief executive Ivan Gazidis has dampened suggestions that the club could invest heavily in the transfer market following their recent pre-tax profits.

The Gunners announced half-year pre-tax profits of £49.5m on Monday, but Gazidis has stated that the club will only "invest sensibly".

"It's important to understand that not all that money is available to invest in transfers. We have the running costs of the club, player salaries and so on. That amount goes down during the year," said Gazidis.

"There is money available, [but] we don't talk about an exact figure because it would have an impact on our negotiating position. We have to invest efficiently, we have to invest sensibly."

Arsenal currently occupy fourth spot in the Premier League table.